New Delhi: With the beginning of the festive season of October, there is a continuous increase in the price of gold, which has become a matter of concern for the middle-class people. It is being said that these prices may increase even more on Dhanteras and Diwali and by the end of this year, the price of gold may reach Rs 1 lakh per 10 grams. According to market experts, the reduction in interest rates by the US Federal Reserve and the increasing tension between Iran and Israel are the main reasons for this surge in gold prices.

The tradition of buying gold

Let us tell you that there is a tradition of buying gold on Dhanteras and Diwali, but now due to rising prices, gold is getting out of the reach of common people. Where people used to buy gold in large quantities earlier, but now due to inflation, people are getting confused on hearing the name of gold. At present, the price of gold in the international market has reached Rs 75,710 per tola and experts believe that it may increase further in the coming months, especially between 29 October and 1 November.

stock market crash

The ongoing tense situation in the Middle East and the fall in the stock market have also affected the prices of gold. Global investors are suffering huge losses. Along with this, the increased purchase of gold by central banks around the world in the last few months is also increasing its prices. The purpose of this purchase is to reduce the share of dollars in its foreign exchange reserves, which is a result of the sanctions imposed by the US after the Russia-Ukraine war.

What is the current price?

On October 9, the price of gold in the national market was Rs 75,710 per tola. However, 22-carat or 18-carat gold is used to make jewelry, because 24-carat gold is completely pure and is not used in jewelry manufacturing. According to experts, the price of 10 grams of gold in the domestic market can reach the level of Rs 1,10,000 by December.